STEEL TURNS TO GOLD.

Otago Daily Times, Issue 21196, 29 November 1930, Page 27

STEEL TURNS TO GOLD.

FORTUNE OF , £55,000,000.. MR HENRY PHIPPS’S ESTATE. The Hon. Mrs E. E. Guest, wife of Captain the Hon. _ F. E. Guest—former British Air Minister, a brother of .Lord Wimbourne, and cousin of Mr Winsrtou Churchill—will, it is expected, inherit an immense fortune under the will of her father, Mr Henry Phipps, the American multi-millionaire, whose death was recently announced. More millions will be distributed than any, individual estate has ever yielded before, says the Daily Express. A preliminary. estimate puts 'the value of the Phipps estate at £55,000,000. Another heiress under the will is expected to-' be Mrs Guest's sister, Helen, who married Mr J.' Bradley Martin, the New York banker. Mr Bradley Martin is a frequent visitor to Great Britain, and brother of Countess Craven. The Bradley 'Martin-Phipps wedding, at Beaufort Castle, Beauly, Inverness, was a famous social event of 1903. Two sons of Mr Henry Phipps are as well known in London social life as in New York. Mr John S. Phipps, the eldest son, married Miss Margarita Grace, whose father, Mr , Michael Grace, was born in Ireland, won a fortune in Peru, and for many years liver at Battle Abbey, ousex. Mr John S. Phipps was married at Battle Abbey. MrS John S. Phipps is a ® g ter of the Countess Donoughtuore, whose husband, Earl Donoughmore, is deputy-chairman of the House of Lords and chairman of its committees. Another son, ’Mr H. Carnegie Phipps, married Miss Gladys Mills, who has carriage relationships with the Cavendish;Bentincks, the Duke of Portland’s family. He has spent much of his life in Scotland, where he rented the sporting estates of the Duke of Richmond and Gordon. Mr-Henry Phipps was the partner of the late Andrew Carnegie. Mr Carnegie devoted £70,000,000 to public purposes during his life, and left £7,000,000 at hie death. Mr Phipps made lavish gifts during his life; but died with the bulk of ius fortune intact, . These two giants of the American steel industry lived parallel lives. Carnegie was a poor Scots boy, and Phipps was the poor eon of an English shoemaker who settled in 'Philadelphia. Carnegie became an errand boy and Phipps an ofliea boy.